The SPX6900 meme coin reached a major milestone, surpassing the market capitalization of $1.5 billion for the first time on January 7, 2024.
This follows increased trading activity and growing interest in meme coins as an asset class in the crypto market. Needless to say, it has placed SPX6900 (SPX) among the best performing digital assets in early 2025, often known as the January Effect.
Trading at $1.53, the token gained 1.87% over the past 24 hours, with a daily trading volume exceeding $95 million, highlighting growing investor interest.
SPX is a meme coin that runs on the ETH blockchain, which comes at a time when meme coins continue to attract market attention with their combination of speculative appeal and cultural resonance. Described in its unofficial manifesto as “the people’s purse,” the token symbolizes a movement toward economic liberation and an alternative to traditional systems of wealth creation. Currently, the circulating supply is estimated at around 931 million, with around 6.9% tokens, or around 69 million burned. The token uses Wormhole technology as a cross-chain asset, improving availability across different blockchain domains.
SPX Market Outlook
From a market perspective, the token could rise thanks to the support of technical indicators that show a rather bullish sentiment. The Moving Average Convergence Divergence (MACD) saw the MACD line move above the signal line, a classic bullish determinant.
The MACD histogram, which displays increasing green bars, refers to uninterrupted buying pressure. Additionally, the increase in trading volume indicates some continued enthusiasm within the market.
Additionally, open interest in SPX futures increased steadily and exceeded $65 million on January 7, 2025, according to Coinglass. The specification of trader inflows indicates increased trader confidence and willingness to operate in the derivatives market. The growing open interest and increase in holders suggests growing adoption of SPX. According to Santiment, the number of holders increased from 14,955 in October 2024 to over 23,667 in the last week of December 2024, reflecting the market confidence the token witnessed in early January.
